PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 95 Infrastructure funds, based on risk-adjusted returns as of 09/30/2024

Reasons to Consider PAVE

Compelling Need

The American Society of Civil Engineers assigned a letter grade of C- to the state of U.S. infrastructure in its 2021 report card, highlighting the need for investment.1

Multiple Long-Term Catalysts

America is committed to improving its aging infrastructure. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act appropriated nearly $1tn to fund critical infrastructure projects.

Unconstrained Approach

As the economy evolves, so do infrastructure needs. PAVE seeks to capture this trend by investing in companies that are part of the infrastructure theme, regardless of sector or industry classification.

1American Society of Engineers, Mar 2021

Key Information As of 10/31/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.30 billion
NAV $41.13
Fact Sheet View the document

ETF Summary

The Global X U.S. Infrastructure Development ETF (PAVE) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in the United States, including those involved in the production of raw materials, heavy equipment, engineering, and construction.

ETF Objective

The Global X U.S. Infrastructure Development ETF (PAVE) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index.

Trading Details As of 10/31/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 201,760,000
Number of Holdings 101
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 10/31/24

30-Day SEC Yield 0.56%
Distribution Frequency Semi-Annually

ETF Prices As of 10/31/24

NAV $41.13 Daily Change -$0.35 -0.84%
Market Price $41.12 Daily Change -$0.38 -0.92%

Performance History

As of recent
(09/30/24)
As of recent
(09/30/24)
Fund NAV Market Price Index
1 Year 36.45% 36.39% 37.49%
3 Years 18.29% 18.29% 19.03%
5 Years 21.27% 21.27% 21.97%
Since Inception 14.97% 14.97% 15.59%
1 Year 43.82% 43.73% 44.89%
3 Years 15.00% 14.98% 15.71%
5 Years 20.63% 20.66% 21.33%
Since Inception 14.78% 14.78% 15.40%
Year-to-Date 19.74% 19.70% 20.19%
1 Month 4.42% 4.41% 4.46%
3 Months 11.16% 11.18% 11.32%
Since Inception 187.66% 187.73% 199.70%
Year-to-Date 19.68% 19.59% 20.17%
1 Month -0.05% -0.10% -0.01%
3 Months 2.95% 2.90% 3.07%
Since Inception 187.52% 187.45% 199.67%

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

Top Holdings As of 10/31/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.64 TT TRANE TECHNOLOGIES PLC BK9ZQ96 370.16 818,579 303,005,202.64
3.50 URI UNITED RENTALS INC 2134781 812.80 358,441 291,340,844.80
3.39 ETN EATON CORP PLC B8KQN82 331.58 851,868 282,462,391.44
3.37 PH PARKER HANNIFIN CORP 2671501 634.07 441,717 280,079,498.19
3.27 PWR QUANTA SERVICES INC 2150204 301.63 902,818 272,316,993.34
3.07 HWM HOWMET AEROSPACE INC BKLJ8V2 99.72 2,558,529 255,136,511.88
2.95 MLM MARTIN MARIETTA MATERIALS 2572079 592.34 414,189 245,340,712.26
2.89 SRE SEMPRA 2138158 83.37 2,889,209 240,873,354.33
2.82 EMR EMERSON ELECTRIC CO 2313405 108.27 2,163,443 234,235,973.61
2.80 FAST FASTENAL CO 2332262 78.18 2,981,107 233,062,945.26
2.72 VMC VULCAN MATERIALS CO 2931205 273.93 825,701 226,184,274.93
2.60 DE DEERE & CO 2261203 404.69 534,834 216,441,971.46
2.57 NSC NORFOLK SOUTHERN CORP 2641894 249.08 857,848 213,672,779.84
2.40 CSX CSX CORP 2160753 33.64 5,938,927 199,785,504.28
2.38 UNP UNION PACIFIC CORP 2914734 232.07 851,586 197,627,563.02
2.18 ROK ROCKWELL AUTOMATION INC 2754060 266.71 680,999 181,629,243.29
2.06 NUE NUCOR CORP 2651086 141.84 1,206,536 171,135,066.24
1.88 FTV FORTIVE CORP BYT3MK1 71.43 2,183,910 155,996,691.30
1.71 HUBB HUBBELL INC BDFG6S3 427.03 333,256 142,310,309.68
1.58 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 171.40 766,506 131,379,128.40
1.58 STLD STEEL DYNAMICS INC 2849472 130.50 1,004,049 131,028,394.50
1.57 EME EMCOR GROUP INC 2474164 446.07 292,379 130,421,500.53
1.53 CSL CARLISLE COS INC 2176318 422.23 302,062 127,539,638.26
1.32 J JACOBS SOLUTIONS INC BNGC0D3 140.58 783,768 110,182,105.44
1.26 WLK Westlake Corporation B01ZP20 131.94 796,331 105,067,912.14
1.23 RS RELIANCE INC 2729068 286.34 356,672 102,129,460.48
1.22 PNR PENTAIR PLC BLS09M3 99.12 1,025,636 101,661,040.32
1.22 RPM RPM INTERNATIONAL INC 2756174 127.11 799,693 101,648,977.23
1.21 IEX IDEX CORP 2456612 214.64 469,141 100,696,424.24
1.12 TRMB TRIMBLE INC 2903958 60.50 1,543,319 93,370,799.50
1.09 ACM AECOM B1VZ431 106.80 845,050 90,251,340.00
1.03 GGG GRACO INC 2380443 81.45 1,048,889 85,432,009.05
0.97 TTEK TETRA TECH INC 2883890 48.88 1,650,908 80,696,383.04
0.87 WMS ADVANCED DRAINAG BP7RS59 149.88 483,386 72,449,893.68
0.84 BLD TOPBUILD CORP BZ0P3W2 353.38 197,205 69,688,302.90
0.82 RRX REGAL REXNORD CORP 2730082 166.54 411,771 68,576,342.34
0.82 LECO LINCOLN ELECTRIC HOLDINGS 2516851 192.56 355,010 68,360,725.60
0.81 POWL POWELL INDUSTRIES INC 2697422 254.98 263,862 67,279,532.76
0.76 TPC TUTOR PERINI CORP 2681760 25.92 2,436,392 63,151,280.64
0.75 AGX ARGAN INC 2804501 132.04 470,319 62,100,920.76
0.74 EXP EAGLE MATERIALS INC 2191399 285.46 216,531 61,810,939.26
0.74 WWD WOODWARD INC 2948089 164.09 373,250 61,246,592.50
0.73 WCC WESCO INTERNATIONAL INC 2416973 191.97 316,982 60,851,034.54
0.72 MTZ MASTEC INC 2155306 122.89 488,985 60,091,366.65
0.69 MLI MUELLER INDUSTRIES INC 2609717 81.97 704,355 57,735,979.35
0.69 AYI ACUITY BRANDS INC 2818461 300.69 191,063 57,450,733.47
0.67 CR CRANE CO BNYD4F8 157.28 352,369 55,420,596.32
0.65 X UNITED STATES STEEL CORP 2824770 38.85 1,384,045 53,770,148.25
0.61 USLM US LIME & MINERA 2724115 112.78 451,163 50,882,163.14
0.61 RBC RBC BEARINGS INC B0GLYB5 280.35 180,738 50,669,898.30
0.55 CRS CARPENTER TECHNOLOGY 2177504 149.50 307,117 45,913,991.50
0.53 AA ALCOA CORP BYNF418 40.09 1,107,770 44,410,499.30
0.53 STRL STERLING INFRAST 2632876 154.45 286,901 44,311,859.45
0.53 LPX LOUISIANA-PACIFIC CORP 2535243 98.90 447,380 44,245,882.00
0.50 ATI ATI Inc 2526117 52.71 791,478 41,718,805.38
0.49 SPXC SPX TECHNOLOGIES INC BQ1L7V3 143.49 283,210 40,637,802.90
0.49 CLF CLEVELAND-CLIFFS INC BYVZ186 12.98 3,123,676 40,545,314.48
0.49 VMI VALMONT INDUSTRIES 2926825 311.68 129,492 40,360,066.56
0.48 PRIM PRIMORIS SERVICES CORP B1GC200 62.62 634,791 39,750,612.42
0.47 ROAD CONSTRUCTION P-A BDT5M66 78.73 492,651 38,786,413.23
0.47 CMC COMMERCIAL METALS CO 2213260 53.80 719,751 38,722,603.80
0.47 ZWS Zurn Elkay Water Solution BMV1ZD3 36.10 1,071,935 38,696,853.50
0.46 GVA GRANITE CONSTRUCTION INC 2381189 84.05 456,157 38,339,995.85
0.44 HRI HERC HOLDINGS INC BZBZ020 209.14 175,379 36,678,764.06
0.44 MDU MDU RESOURCES GROUP INC 2547323 28.85 1,263,077 36,439,771.45
0.44 BMI BADGER METER INC 2069128 200.05 182,075 36,424,103.75
0.42 SUM SUMMIT MATERIA-A BW9JPS4 47.41 741,509 35,154,941.69
0.41 CSWI CSW INDUSTRIALS INC BYQD1J6 353.10 97,280 34,349,568.00
0.41 KNF KNIFE RIVER CORP BPLL4V5 97.32 350,849 34,144,624.68
0.39 NWPX NORTHWEST PIPE CO 2035925 44.89 724,260 32,512,031.40
0.39 CENX CENTURY ALUMINUM COMPANY 2186254 17.65 1,836,451 32,413,360.15
0.38 DY DYCOM INDUSTRIES INC 2289841 174.33 182,021 31,731,720.93
0.38 DXPE DXP ENTERPRISES INC 2276627 49.08 643,140 31,565,311.20
0.38 MWA MUELLER WATER-A B15RZR4 21.59 1,454,864 31,410,513.76
0.36 EXPO EXPONENT INC 2330318 94.38 314,209 29,655,045.42
0.34 ACA ARCOSA INC BGPZ5W8 93.64 302,648 28,339,958.72
0.33 TRN TRINITY INDUSTRIES INC 2904627 34.28 809,403 27,746,334.84
0.32 GBX GREENBRIER COMPANIES INC 2387530 59.27 452,238 26,804,146.26
0.30 DNOW DNOW INC BMH0MV1 11.83 2,099,065 24,831,938.95
0.29 MRC MRC GLOBAL INC B7M66F1 12.26 1,995,847 24,469,084.22
0.28 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.36 390,387 23,563,759.32
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 75.29 312,795 23,550,335.55
0.28 AMTM AMENTUM HOLDINGS INC BMZLFJ5 29.74 783,768 23,309,260.32
0.28 GRC GORMAN-RUPP CO 2379281 36.95 623,184 23,026,648.80
0.26 TEX TEREX CORP 2884224 51.71 415,966 21,509,601.86
0.26 HEES H&E EQUIPMENT SE B0WR848 52.25 406,757 21,253,053.25
0.24 ATKR Atkore Inc BDHF495 85.76 229,711 19,700,015.36
0.24 MYRG MYR GROUP INC/DELAWARE B3CLS18 131.00 150,138 19,668,078.00
0.23 CXT CRANE NXT CO BQ7W2W6 54.27 352,312 19,119,972.24
0.23 ASTE ASTEC INDUSTRIES INC 2060370 31.78 592,139 18,818,177.42
0.21 MTRN MATERION CORP 2149622 101.63 173,577 17,640,630.51
0.21 CMCO COLUMBUS MCKINNON CORP/NY 2211071 31.81 550,849 17,522,506.69
0.21 ROCK GIBRALTAR INDUSTRIES INC 2369226 67.49 258,207 17,426,390.43
0.20 CALX CALIX INC B3S4L67 35.38 467,282 16,532,437.16
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 26.97 607,563 16,385,974.11
0.17 MTUS METALLUS INC BNBPMX1 14.09 1,017,488 14,336,405.92
0.17 WNC WABASH NATIONAL CORP 2932048 17.44 817,344 14,254,479.36
0.16 RYI RYERSON HOLDING CORP B3TPPZ6 21.79 608,939 13,268,780.81
0.16 CTOS CUSTOM TRUCK ONE BL66YS4 4.09 3,218,795 13,164,871.55
0.13 TITN TITAN MACHINERY INC B29H3T5 13.73 766,629 10,521,983.03
0.11 CASH 1.00 9,001,643 9,001,642.73
0.02 OTHER PAYABLE & RECEIVABLES 1.00 1,513,608 1,513,607.74
ECG-W EVERUS CONSTRUCT BSVLTM2 0.00 315,769
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 09/30/24

Sector Weight (%)
Industrials 74.2
Materials 19.7
Utilities 3.3
Information Technology 1.8
Consumer Discretionary 1.0

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 65.4
Materials 19.7
Transportation 7.4
Utilities 3.3
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.4
Consumer Durables & Apparel 1.0

Source: new windowAltaVista Research, LLC

All Sector, Industry and Geographic breakdowns, where provided, are based on equity positions held by the ETF and exclude cash, currencies, and other holdings.

ETF Characteristics As of 10/31/24

Return on Equity 14.90%
Weighted Avg. Market Cap 39,293 M
2023 2024
Price-to-earnings 22.23 22.00
Price-to-book value 3.49 3.10

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 10/31/24

Versus Beta
S&P 500 1.23
NASDAQ-100 0.83
MSCI EAFE 1.13
MSCI Emg. Mkts 0.76
Standard Deviation 24.50%

Source: new windowAltaVista Research, LLC

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The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales load. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

As of 09/30 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 95 during the last 3 years, 84 during the last 5 years. With respect to these Infrastructure funds, PAVE received a Morningstar Rating of 5 stars for both periods. Past performance is not indicative of future results.

© 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Investing involves risk, including the possible loss of principal. Narrowly focused investments typically exhibit higher volatility. Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and excess capacity, competition from other providers of services and other factors.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by Indxx, nor does Indxx make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with Indxx.